Cambridge Bancorp Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016
January 24, 2017 at 07:30 pm IST
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Cambridge Bancorp announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported Interest income of $14,663,000 against interest income of $14,056,000 a year ago. Net interest income was $13,900,000 against net interest income of $13,196,000 a year ago. Income before taxes was $6,789,000 against income before taxes of $5,710,000 a year ago. Net income was $4,423,000 against net income of $3,870,000 a year ago. Diluted per share of $1.08 against diluted per share of $0.97 a year ago. Return on average assets of 0.97% against return on average assets of 0.91% a year ago. Return on average equity of 12.94% against return on average equity of 12.36% a year ago.
For the period, the company reported Interest income of $57,028,000 against interest income of $54,341,000 a year ago. Net interest income was $53,673,000 against net interest income of $51,647,000 a year ago. Income before taxes was $25,452,000 against income before taxes of $23,245,000 a year ago. Net income was $16,896,000 against net income of $15,694,000 a year ago. Diluted per share of $4.15 against diluted per share of $3.93 a year ago. Return on average assets of 0.95% against return on average assets of 0.95% a year ago. Return on average equity of 12.77% against return on average equity of 12.91% a year ago. Net cash provided by operating activities was $15,207,000 against net cash provided by operating activities was $20,016,000 a year ago. Purchase of banking premises and equipment of $1,187,000 against purchase of banking premises and equipment of $4,939,000 a year ago.
Cambridge Bancorp is a bank holding company of Cambridge Trust Company (the Bank). The Bank operates approximately 22 banking offices in Eastern Massachusetts and New Hampshire. The Companyâs core services include Wealth Management, Commercial Banking, and Personal Banking. It offers a range of services to commercial enterprises, non-profit organizations, and individuals. It originates commercial and industrial (C&I) loans, commercial real estate (CRE) loans, construction loans, consumer loans, and residential real estate loans (including one-to-four family and home equity lines of credit), and accepts savings, money market, time, and demand deposits. In addition, it offers a range of commercial and personal banking services, which include cash management, online banking, mobile banking, and global payments. The Bankâs clients consist primarily of consumers and small-and medium-sized businesses in these communities and surrounding areas throughout Massachusetts and New Hampshire.